Nike, known for its athletic shoes and other sports gear, has officially selected London-based FinTech company Plutus as its extension into the cryptosphere. Plutus prides itself on converting fiat currencies into cryptocurrencies at zero rates. This, and other handy features, makes Plutus the perfect partner for Nike to offer cashback rewards via Plutus’ Visa Card.
The Plutus – Nike Partnership Explained
As you might have noticed, the prevailing trend in FinTech is to create hybrid systems that can easily be plugged into the legacy financial infrastructure. FinTech entrepreneurs always have to keep in mind the one critical flaw of cryptocurrencies – volatility. To counter it, Plutus offers a blend of enticing FinTech services.
Dubbed “the future of personal finance”, the Plutus allows you to manage both crypto and fiat assets within a single app while retaining the best features of cryptocurrencies: decentralization and security via private keys. Without any exchange fee, users can convert fiat (GBP, EUR) to crypto and vice versa in a decentralized manner. Moreover, every time you top-up your Plutus Visa debit card, you receive up to 3% of Plutons – loyalty reward tokens that can be used for a variety of benefits.
This unique set of features within an intuitive interface is what made Plutus such an appealing partner for Nike. As people start using both crypto and fiat money within the same app, they further normalize and spread the cryptocurrency ecosystem.
Nike hasn’t been shy when it comes to integrating blockchain technology. In fact, one could say the company has embraced the emerging tech. In late 2019, Nike filed a patent to tokenize exclusive shoe ownership on Ethereum.
Plutus Brings Crypto to Retail, Through Nike
Recognizing the aforementioned problem of volatility for cryptocurrency adoption, Danial Daychopan, the founder of Plutus, aligned his business strategy accordingly:
“The aim was to circumvent the need for retail acceptance by integrating cryptocurrencies with our traditional legacy infrastructures to make them spendable anywhere immediately.”
The partnership with Nike serves as the perfect vehicle for acquainting the populace at large with the crypto world. Although some recent polls on crypto-holders are very encouraging, if not surprising, there is still a lot of work ahead of us. By attaching itself to Nike, Plutus will access a massive market and demographics that have likely never countenanced cryptocurrencies.
As these shoppers buy Nike Air Max ’90s and other coveted items that they can customize with the “Nike By You” website, they will be able to get up to 9% cashback, in addition to the 3% Pluton (PLU) token award. Both of which are automatically added to the user’s Plutus account. Of course, as is tradition with cryptocurrency, another way to earn rewards is to stake your Plutons with the app.
Will this partnership expose Nike consumers to digital assets? We want to know what you think in the comments section below.